FTX Users May Soon be Getting Their Money Back! (But There's a Catch)
TL;DR
The new managers of FTX have recently recovered $7 Billion USD in total assets according to a court filing dated Sept 11.
The good news? In total, 36k customers have filed a claim, for a total of $16B, which the company now owes. $7B won’t reimburse everyone, but it’s a solid start.
The bad news? From the $7B recovered, $3.4B are crypto assets, and FTX is now looking to sell it all - and all of that selling could drag a lot of the crypto market down.
Full Story
This has big “you can’t have your cake, and eat it too” vibes…
The new managers of FTX have recently recovered $7 Billion USD in total assets according to a court filing dated Sept 11.
The good news? In total, 36k customers have filed a claim, for a total of $16B, which the company now owes. $7B won’t reimburse everyone, but it’s a solid start.
The bad news? From the $7B recovered, $3.4B are crypto assets, and FTX is now looking to sell it all - and all of that selling could drag a lot of the crypto market down.
But it’s not set in stone just yet, and there are two things to keep in mind:
FTX needs to wait for approval from the Delaware Bankruptcy Court before it can start selling (that decision will be made later today).
Even if it does get approved, the $1.16 billion in Solana and $137 million in Aptos that the company is trying to sell are largely composed of vesting tokens - meaning they’re locked up.
So whoever buys them will essentially be buying the right to sell them as they’re slowly unlocked in $9.2M chunks, month by month.
So...
Cake? Yes: FTX might finally be able to reimburse the users it scammed.
Eating said cake? No: by selling these assets to pay back users, FTX could drag down the market cap of whichever tokens they own.